CenterSquare Investment Management has made its debut direct investment in the manufactured housing sector in the US through a partnership with K8H Ventures.
The partnership has invested an undisclosed sum to buy Piney Woods, a yet-to-be-built 394-lot manufactured housing community located in the Crosby submarket of Houston, Texas.
The acquisition represents CenterSquare’s first private equity investment in the sector. The real assets manager has previously invested in manufactured housing through the firm’s listed real estate securities platform.
Victoria Madrid, VP of private equity real estate at CenterSquare, said: “Manufactured housing has emerged as an attractive, affordable solution to the evolving needs of today’s hard-working households seeking spacious, contemporary living within vibrant communities while also providing the opportunity for ownership.
“Our investment in Piney Woods alongside our partners at K8H Ventures demonstrates our conviction in this sector and the long-term growth of the Houston market.”
Harry Winslow, co-founder of K8H Ventures, said: “Together with CenterSquare, whose unwavering support has been pivotal, we are dedicated to addressing Texas’ affordable housing crisis. We are not only creating communities but also changing the landscape of the affordable housing industry.”
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